HayatoDragonFX

NZDJPY, daily tf, bulls in control for now

Long
FX:NZDJPY   New Zealand Dollar / Japanese Yen
Hello my friends,

Another setup for next week is NZDJPY pairs.
As you can see NZDJPY pretty much bullish since breaking above the 5 months flag pattern .
For me, there is still further upside for this pair.
The measured objective of that 5 months flag pattern was around 800-900 pips in my opinion.
We could see NZDJPY continue to the upside until 76-77 area.

Long/Buy positons will be in favor for now and we will only look to buy this pair.
As you can see price right now consolidating inside a possible bullish continuation pattern right now.
This could be a pennant / flag pattern .

We will try taking a buy position at 73.35 area for our first buy position.
This 73.35 area is our horizontal support and possibly flag/pennat pattern support.
EMA-20 are also located near this area so pretty much it will be an area of confluences.
As price continue higher and make another pattern which is favorable for bulls, we will add more positions.

Buy limit NZDJPY 73.35
Stop loss 73.00
Take profit 75.65 (6.5 R)

RR Ratio 1 : 6.5
Use only 1-2% risk
Good luck

Comments

I will like to see how this goes
Reply
@abel11, yeah it is an interesting pair to watch now
Reply
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